I would say the second option, but I don't think the difference in price for the 8320 is worth overlooking, I think it is worth the difference.
Something you should keep in mind is that you should save some money to get an entry or mid level cooling solution to these CPUs. They won't trouble you with too much heat, but the cooler is very noisy and annoying, really, and a simple Coolermaster 212 would be able to push any of these CPUs to 4.3 or 4.5, depending on the ambient temperature of where you live.
On GPUs the 280X will beat the alternative, and, if you intend solely on gaming, the second build will deliver a way better performance, without any doubts. But, if you can grab the 8320 you will not be disappointed, it is a really good...